China to exit the Crypto Currency Mining market

[jims2321]

Caught this headline this morning.

China wants an “orderly exit” from bitcoin mining

It appears that China is moving to shutdown their mining farms, manufacturers of asic miners and exchanges. Someone did not get their bribe this last quarter

 

[Klee]

Thats an every year threat, got to keep the bribe money flowing in.

 

[Joel]

Thats an every year threat, got to keep the bribe money flowing in.

Q: What's the difference between bribery and lobbying?

A: Good question.

 

[xibo]

bribery is criminal and lobbying is established practice.

 

[funkywizard]

bribery is criminal and lobbying is established practice.

In China that may be the reverse.

 

[exahash]

When the price of BTC gets "too high" the Chinese govt engages in a little sabre rattling to knock it back down. It's been this way since 2013. They are bald-faced price manipulators, nothing more.

And good luck to them if they really want to eliminate bitcoin mining, trading, or usage. It will just go underground and flourish. They do not have a good record of eliminating anything.

 

[Aluminum]

In China that may be the reverse.

It is the reverse. Lobbying or petitioning your government is literally illegal in china and many other places. Bribing and trading favors is the cultural norm, if you get "caught" it was too small or not done in the culturally accepted way ('face' is also a currency).

We are the weird ones in the world by far if you look at the numbers.

 

[Marsh]

This Is How Corrupt You Can Be Before China Executes You

How much is an errant Chinese official’s life worth? Three million renminbi, or $463,000, according to a statement released on April 18 by Chinese judicial authorities. The legal clarification makes the death penalty applicable to anyone who either embezzles, or accepts bribes of, that sum or more. But in certain “especially serious” instances “with extremely vile impact,” like when officials embezzle disaster-relief funds, stealing half that can be grounds for death by firing squad.

One of the reason , why BitCoin or virtual currency is so popular is some countries.

 

[coinstash]

China to exit the Crypto Currency Mining market? More like "Crypto market exits China."